On July 1, 2016, Larkin Co. purchased a $580,000 tract of land that is intended to be the site of a new office complex. Larkin incurred additional costs and realized salvage proceeds during 2016 as follows.

Demolition of existing building on site	$68,000
Legal and other fees to close escrow	12,900
Proceeds from sale of demolition scrap	8

What would be the balance in the land account as of December 31, 2016?